Select Bond Portfolio
Actively managed U.S. bond fund
As of its 2026 Q2 report, Select Bond Portfolio held 958 positions with $2.87B in net assets. Its ten largest holdings made up 14.3% of the fund. The fund costs 0.31% a year. Over the 12 months to May 2026, it returned 5.4%, with dividends reinvested. In 2026 Q2 it added 159 new positions and exited 224.
The primary investment objective of the Portfolio is to provide as high a level of total return as is consistent with prudent investment risk.
The fund invests primarily in investment-grade debt securities selected through fundamental analysis for relative value, seeking securities believed undervalued relative to peers of similar credit quality and interest rate sensitivity. The adviser maintains an overall dollar-weighted average effective duration within 10% of the Bloomberg U.S. Aggregate Index and may engage in active trading to capitalize on opportunities or exit positions that have achieved target returns or become overvalued. The fund normally holds at least 80% of assets in debt securities including U.S. government obligations, mortgage-backed securities, corporate bonds, and asset-backed securities, with up to 20% in foreign securities. Because security selection depends on the adviser's relative value assessments, fund performance may diverge from its duration benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
UMBS, TBA 5.00% · due 2056-07-13 | 1.93% | $55.61M | — |
United States Treasury 4.75% · due 2056-02-15 | 1.89% | $54.26M | — |
United States Treasury 2.00% · due 2041-11-15 | 1.63% | $46.89M | — |
United States Treasury 3.63% · due 2030-03-31 | 1.57% | $45.15M | — |
United States Treasury 3.88% · due 2030-04-30 | 1.37% | $39.31M | — |
United States Treasury 3.75% · due 2030-06-30 | 1.32% | $37.84M | — |
United States Treasury 3.63% · due 2030-12-31 | 1.23% | $35.35M | — |
Government National Mortgage Association 2.00% · due 2051-02-20 | 1.21% | $34.87M | — |
United States Treasury 3.00% · due 2049-02-15 | 1.15% | $33.01M | — |
United States Treasury 1.38% · due 2050-08-15 | 1.02% | $29.24M | — |
The 200 largest of 958 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 56.26% |
| Securitized | 43.93% |
By sector
- Securitized
- 43.8%
- Government
- 28.8%
- Other
- 6.0%
- Financials
- 5.2%
- 11 other sectors
- 16.2%
- Securitized
- 43.8%
- Government
- 28.8%
- Other
- 6.0%
- Financials
- 5.2%
- International
- 4.2%
- Utilities
- 2.6%
- Information Technology
- 2.4%
- Industrials
- 2.1%
- Communication Services
- 1.6%
- Health Care
- 1.4%
- Consumer Discretionary
- 0.6%
- Consumer Staples
- 0.4%
- Real Estate
- 0.4%
- Materials
- 0.2%
- Energy
- 0.2%
How it has done
C000000082 share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.27%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
Select Bond Portfolio is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.31%
- Portfolio turnover
- 234.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
159 new· the largest 2
224 exited· the largest 2
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 91.8% |
| Floating rate | 8.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.2% |
| 1-3y | 8.9% |
| 3-5y | 17.1% |
| 5-10y | 16.6% |
| 10y+ | 57.2% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 74% |
| Credit spreads | 26% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.12 yr |
| High yield | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.58 yr | 10% |
| 5 yr | 1.66 yr | 28% |
| 10 yr | 2.46 yr | 41% |
| 30 yr | 1.30 yr | 22% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.21 yr | 10% |
| 5 yr | 0.71 yr | 34% |
| 10 yr | 0.82 yr | 38% |
| 30 yr | 0.38 yr | 18% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.01 | +0.00 | $1.8k | $14 |
| 1 yr | +0.58 | +0.21 | +0.00 | $60.1k | $242 |
| 5 yr | +1.66 | +0.71 | +0.00 | $204.1k | $746 |
| 10 yr | +2.46 | +0.81 | +0.00 | $233.0k | $1.3k |
| 30 yr | +1.30 | +0.38 | +0.00 | $109.5k | $380 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — this fund, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”